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BCA acquires 2 percent of ATM Alto’s shares
Indonesia’s largest private lender Bank Central Asia (BCA), part of Djarum Group, has acquired switching company PT Daya Network Lestari (ATM ALTO), through its venture capital firm, Central Capital Ventura (CCV).
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A woman carries out a transaction at an ATM. (kontan.co.id/Baihaki)
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ndonesia’s largest private lender Bank Central Asia (BCA), part of Djarum Group, has acquired 2 percent shares of switching company PT Daya Network Lestari (ATM ALTO), through its venture capital firm, Central Capital Ventura (CCV).
BCA president director Jahja Setiaatmadja confirmed the acquisition. “Yes, Alto has been acquired by Djarum Group,” he said.
The acquisition, which was completed in June 2018, aimed to increase the capital of the switching business, kontan.co.id reported on Wednesday.
Since the implementation of the national payment gateway in June 2018, Bank Indonesia requires switching companies to have at least Rp 50 billion in capital.
BI also requires all banks to be connected with at least two switching companies in order to support the national payment gateway program.
Alto is an interbank network that currently operates in Indonesia. It was founded in August 1993. The major shareholder of Alto’s shares is PT ALTO Network. (win/bbn)
